(SOLVED) Lake Corporation has some severe cash flow

problems You are the

Lake Corporation has some severe cash-flow problems. You are the company’s financial and
tax consultant. Thetreasurer of the company has informed you that the company has failed to
make FICA and federal income tax withholding payments to the IRS (both the employer and
employee contributions) for a period of approximately […]

Latisha is an unmarried taxpayer, filing head of household. She has two dependent children (7
year old twins) who lived with her all year. Her 2015 earned income was $18,600, her AGI was
$22,700, and she uses the standard deduction. Determine her: 1. Taxable income and regular
tax before credits […]

Jose is unmarried with no qualifying children. He has $8,300 of 2015 wages and is otherwise
eligible for the earned income credit. Jose has $200 of interest income and no for AGI
deductions. a. What is Jose’s tentative earned income credit before phaseout? b. What is
Jose’s allowable earned income […]

Carolyn is unmarried and has one dependent child, age 6, who lived with her for the entire year.
In 2015, she has income of $16,000 in wages and $6,000 in alimony. Her AGI is $22,000. a.
What is Carolyn’s tentative earned income credit (before phaseout)? b. What is Carolyn’s
allowable […]

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Bob acquired a certified historic structure and placed it in service August of the current year, as
an office for his business. He paid $20,000 for the building (exclusive of the land) and spent
$40,000 for renovation costs. a. What is the rehabilitation tax credit (before limitations)? b. What
is […]

Laser Corporation, a U.S. corporation, has a foreign office that conducts business in France.
Laser pays foreign taxes of $74,000 on foreign-source taxable income of $185,000. Its
U.S.-source taxable income is $320,000, total U.S. taxable income (worldwide) of $505,000,
and U.S. tax liability (before reductions for the foreign tax credit) […]

Which of the following itemized deductions are deductible when computing the alternative
minimum tax for individuals? a. Charitable contributions b. Mortgage interest on a loan used to
acquire a personal residence c. State and local income taxes d. Interest related to an
investment in undeveloped land where the individual has […]

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